Oman Observer - Business

Japan sinks deeper into recession: data

TOKYO — Japan sank much deeper into recession than previously thought in the third quarter as firms slashed investment to cope with the financial crisis, official figures showed yesterday. Underscoring the rapidly worsening situation, Sony Corp said it was cutting 8,000 jobs, axing about 10 per cent ....

WTO chief postpones meeting on global trade deal

GENEVA — WTO head Pascal Lamy (pictured) postponed a ministerial meeting to nail down a long-awaited global trade deal, saying key negotiating problems remained after talks with representatives. Lamy issued a letter to negotiators after more than two hours of talks with World Trade Organisation (WTO) representatives on compromise....

TOKYO/WASHINGTON — Vehicle sales in emerging markets won’t compensate for plunging markets elsewhere, car and truck makers indicated yesterday, as they applied the brakes to plans in India and South America. As the fate of the US auto industry and millions of jobs hung in the balance while negotiations continued in Washington over a proposed $15 billion....

TOKYO/HELSINKI — Sony Corp axed thousands of jobs yesterday and bearish comments from Samsung and Texas Instruments added to the gloom in the technology sector as consumers shun the latest gadgets. Demand for consumer electronics has slumped in the run-up to Christmas as the financial....

Recession means mixed fortunes in world advertising market

PARIS — As the world’s major economies begin to feel the chill of recession, the advertising industry is catching cold, with the world market expected to contract by 0.2 per cent, according to a new report. But while the new figures for next year are down overall, the regional pattern is much more mixed.

Bad tidings for news industry as Tribune goes bankrupt

LOS ANGELES— “Black Monday.” That’s how the trade magazine Editor & Publisher chose to headline its story about the demise of the Tribune Co — one of the most august and profitable newspaper companies in the United States. The owner of the Los Angeles Times,....